Gillespie, Illinois Property Taxes
The median property tax rate in Gillespie, IL is 1.82%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Gillespie at $67,592, the typical annual property tax bill reaches $1,133, exceeding the national median of $2,690. Property taxes in Gillespie are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Gillespie's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Gillespie or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gillespie, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.82%
Estimate Property Tax Bill
$1,230
$1,202
Ownwell’s Gillespie Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gillespie with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gillespie to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Gillespie, Illinois
Property taxes in Gillespie, Illinois, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Gillespie is 1.82%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Gillespie set these rates annually, and they can vary across different neighborhoods. Each year, Gillespie estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. Comparing Gillespie's effective property tax rate to other regions in Illinois and the national median provides valuable insights into the varying tax landscape across Macoupin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gillespie Tax Rate
1.82%
Average Macoupin County Tax Rate
1.93%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gillespie, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62033 | 0.96% | 1.47% | 1.82% | 2.06% | 2.37% |
Source: Ownwell
Property Tax Assessment Values Across Gillespie, Illinois
In Gillespie, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Macoupin County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Gillespie, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Gillespie helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 62033 has the highest median tax bill at $1,133, which underscores the importance of understanding and managing your property tax assessments.
Average Gillespie Assessed Value
$67,592
Average Macoupin County Assessed Value
$80,204
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gillespie, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62033 | $26,401 | $47,532 | $67,592 | $97,238 | $151,718 |
Source: Ownwell
Property Tax Bills Across Gillespie, Illinois
In Gillespie, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, a home with a median price of $67,592 will have its assessed value determined by local assessment practices. The tax rate is then applied to this assessed value to calculate the annual tax bill. Factors such as property location, improvements, and market conditions can influence the assessed value. Homeowners in Gillespie can expect tax bills ranging from $675 at the 25th percentile to $2,827 at the 90th percentile. The median tax bill stands at $1,133, which is notably higher than the national median property tax rate of 0.99%. This means that property taxes can significantly impact household budgets, particularly for those at the higher end of the tax spectrum. Understanding these factors can help homeowners better anticipate their annual property tax obligations and plan accordingly.
Average Gillespie Tax Bill
$1,133
Average Macoupin County Tax Bill
$1,490
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Gillespie, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62033 | $324 | $675 | $1,133 | $1,793 | $2,827 |
Source: Ownwell